Nigeria's stock index, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, rose 1.26 percent to 28,577 points in early trade, lifted mainly by gains in banking, breweries and energy firms stocks.

Shares of First Bank holdings rose 9.26 percent to 5.92 naira, Guinness was up 10.24 percent to 127.33 naira, Guaranty Trust Bank was trading 4.98 percent higher at 21.73 naira and energy firm Oando was up 10.16 percent to 10.19 naira.

Other gainers include PZ Cussons trading at 4.98 percent up to 21.91 naira, Dangote Sugar up 3.48 percent to 6.83 naira and Nigerian Breweries trading at 5 percent to 115.71 naira.

(Reporting by Oludare Mayowa, editing by Larry King)